Iraq seeing steady growth in oil markets

Over the past few years, oil exploration and production in Iraq has risen dramatically, helping to soften the blow from events like the Arab Spring and the ongoing sanctions against Iran.

The Washington Post reports that Iraq exported more oil this past April than at any point since Iraq's invasion of Kuwait more than two decades ago.

As the country has grown more stable in the wake of the withdrawal of American troops last year, oil production has steadily increased. This newfound security has helped encourage international investment, including 11 new contracts signed with companies like BP and Exxon Mobil between 2009 and 2010.

"Over the next five to seven years, Iraq could be supplying nearly half of the incremental growth in world oil demand," Larry Goldstein, director of the nonprofit Energy Policy Research Foundation, told the Post.

While oil exports rose to 2.5 million last month, UPI reports that limitations in the country's infrastructure continue to limit output. While Iraq has begun several major development projects, the nation has already been forced to limit production at some oil rigs.

Projections for Iraqi oil production can be found at PennEnergy's Research area.

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